Opportunities to Grow Financial Advisor Leads

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To continue on our previous article on “Why Financial Advisor AUM isn’t Growing”, let’s take a closer look at growing leads specifically and the opportunities that financial advisors have in this area.

1. Advisors Aren’t Clear on Their “Why”

Think of the people whose opinion you trust the most. Not family or friends but thought leaders in an area of interest. When we think of those people, what drew you to them? It is often their drive, their purpose, their reason for doing what they do. According to Simon Sinek’s famous TED talk, “Start with Why”, it is one of life’s greatest joys to wake up in the morning with a clear sense of why you do what you do. The reason anyone does what they do is the story worth sharing. It can be how and why prospects and customers choose to connect and do business with you.

People want stories. As an advisor, think of what motivates you every day to do what you do? Why are you doing what you do? People already know that advisors “sell” financial products and some prepare financial plans but few understand what an advisor CAN DO for them and why it matters. Instead of focusing on “what you sell” or “who you are”, consider thinking of how you can convey “Why advisors do what they do?” and “Why it matters to prospects and customers?”

An advisor “Why” should give people insight into how an advisors’ services are better, different, and relevant to them. Once an advisor is clear on their “Why”  creating a brand and an online image is much easier.

2. Advisors Are Not Providing Value

Many advisors have a website but the question is are they updating it frequently and when it is updated, are they providing value. Many assume the content that is being produced is the kind of content that clients and prospects want to read. Advisors and enterprises who know their clients and prospects should know what type of content, strategies, market data, and pain points that would resonate with them the most. There are 9 characteristics of successful content that are instrumental in providing content that is valuable to prospects and customers.

Some reasons why advisors are not providing value

  • They are not clear on who their target audience is
  • The content does not match what is important to the reader
  • When a website is updated, does the advisor share the new piece of content with prospects and clients?

The more value an advisor can add, the more engaged their audience will be. Lead generation isn’t just about engagement and getting prospects interested, but it’s also about earning credibility that develops into trust.

3. Advisors Are Not Familiar With The Technology

There is an abundance of tools available for advisors to improve the way they get new leads. From websites, email marketing, and social media; evaluating these tools can be costly and overwhelming without knowing exactly what the ROI will be. Some advisors have chosen to create their own website using a third-party platform but this can present its own challenges to ensure the content posted is compliant.

These technology platforms are difficult to use and require hours or days of training to be able to use them effectively, not to mention the ongoing learning required to get the most out of the tool.  Some advisors choose to create their own website or leverage the marketing program that their enterprise has provided to them. With the former, advisors run the risk of publishing content that is not compliant. With the latter, there are very few options for personalization and customization. Regardless of which route an advisor chooses there are drawbacks without understanding the technology and how it can help your business with as few obstacles as possible.

4.Compliance Roadblocks

As much as we would like financial advisors to write content and distribute it to their prospects and customers, it’s not that easy. With a regulated industry, content written for web and for email must be approved by a compliance team. In many enterprises, the compliance approval process is cumbersome, timely, and makes it very difficult for advisors to post content.

In many cases, the process consists of an advisor writing a piece of content in a Word document and emailing it to the compliance team of their organization. The compliance officer then reviews the piece of content, tracking changes, or typing comments in an email. Both are very time-consuming. The advisor would then make changes to their piece of content based on the compliance officers’ comments. This process takes weeks of back and forth until the compliance team has approved the piece of content.

Advisors often find this process too time-consuming to create their own content. If there was an automated way advisors could get content approved by compliance team, perhaps they would be open to writing and creating content for their own audience.

5. Provide Exceptional Advisor Service

There’s no question that providing exceptional service is what will keep clients coming back. Many advisors who are getting new leads are able to get these from referrals. When advisors fail to provide amazing service to their clients, they are missing out on huge opportunities to grow their book of business and to get referrals. So what is exceptional advisor service?

  • Genuinely care about your clients/prospects
  • Define your target market and specialize in that area
  • Have scheduled times to check in and discuss financial goals
  • Providing value that is different and unique to other advisors
  • They listen to your needs, goals, and concerns

By taking a closer look at defining “Why”, providing value, technology, compliance, and service, financial advisors can make strides in the right direction towards generating new leads to their business.